The Lede
Top National News
Lenders Fear Congress May Neuter Mortgage Interest Deduction
National Mortgage News, Dec. 14, 2016--Collins, Brian
With Republican control of Congress secure and the White House soon to be in GOP hands, lawmakers are optimistic they can pass a bill that lowers tax rates and reduces a number of deductions. That includes the mortgage interest deduction.
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Mortgage Applications Fall 4 Percent as Refinancings Hit by Postelection Rates
CNBC, Dec. 14, 2016--Olick, Diana
Total mortgage application volume fell 4 percent on a seasonally adjusted basis last week from the previous week, according to the Mortgage Bankers Association.
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About One-Fifth of Mortgage Borrowers Were Unhappy With Their Lender
Wall Street Journal, Dec. 14, 2016--Friedman, Robyn A.
The J.D. Power 2016 U.S. Primary Mortgage Origination Satisfaction Study found that unhappy mortgage customers fell into two categories. One group cited a lack of communication, unmet promises and other problems with the lender. The other group of respondents said they felt pressured to choose a particular mortgage product.
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For Every Eight Applicants Who Seek a Mortgage, One is Rejected
Washington Post, Dec. 14, 2016--Harney, Kenneth R.
A recently completed Federal Reserve study covering millions of mortgage applications found that flunking the debt-to-income test is the No. 1 reason that loan applicants get rejected.
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Fed Rate Hike? Whatever, Mortgage Rates Are Already Up
National Mortgage News, Dec. 14, 2016--Sinnock, Bonnie
The surge in mortgage rates since the November election is expected to offset the increase to lenders' short-term funding costs following the Federal Open Markets Committee's 25-basis-point increase to the federal funds rate.
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Here’s Why Economists Can’t Agree on 2017 Housing Predictions
HousingWire, Dec. 14, 2016--Ramirez, Kelsey
Are you having trouble keeping up with all the forecasts for 2017, or wondering which forecast is the most accurate? It's easy to get lost this time of year, when economist everywhere begin pouring out their forecasts for the next year.
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Developers Look to Life Companies for Construction Financing
National Real Estate Investor, Dec. 14, 2016--Mattson-Teig, Beth
Life companies tend to fly below the radar when it comes to providing construction financing. But the pullback in construction financing among banks is stirring up fresh enthusiasm for life company's construction-to-perm loan programs.
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U.S. Retail Sales, Industrial Output Data Point to Slowing Growth
Reuters, Dec. 14, 2016--Mutikani, Lucia
U.S. retail sales barely rose in November and industrial production recorded its biggest drop in eight months, suggesting some loss of momentum in economic growth in the fourth quarter.
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MBA Cuts Origination Forecast 3.5% for 1Q17
National Mortgage News, Dec. 14, 2016--Passy, Jacob
The forecast for mortgage origination volume moved down for the first quarter of 2017 in the wake of the second interest rate hike by the Federal Reserve in a decade, according to data from the Mortgage Bankers Association.
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‘Flex Mod’ to Replace HAMP at Fannie and Freddie
National Mortgage News, Dec. 14, 2016--Passy, Jacob
Fannie Mae and Freddie Mac will replace the expiring Home Affordable Mortgage Program with a new loss mitigation option called the Flex Modification. The Mortgage Bankers Association had proposed a successor to HAMP called "One Mod" in September based on the work of a task force with representatives from 20 member companies.
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Fed Raises Rates for First Time in 2016, Anticipates 3 Increases in 2017
Wall Street Journal, Dec. 14, 2016--Torry, Harriet
Signs that the Fed may become more aggressive on raising rates could put more upward pressure on mortgage rates, said Michael Fratantoni, chief economist with the Mortgage Bankers Association.
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TransUnion Forecasts Credit Delinquencies Will Decrease in 2017
HousingWire, Dec. 14, 2016--Ramirez, Kelsey
While mortgage delinquencies are going down, mortgage debt levels are expected to increase by nearly $4,000 from $194,875 in the fourth quarter this year to $198,435 at the end of 2017.
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HUD Eases DE Test Phase Process
Mortgage Daily, Dec. 14, 2016
The process of obtaining direct endorsement authority from the Federal Housing Administration has been made a little easier.
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Mobile Mortgage Apps Expected to Exceed $30 Bil
Mortgage Daily, Dec. 14, 2016
Next year, residential loan applications are expected to be completed by millennials through a mobile device for more than $30 billion in mortgages.
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Residential Finance News
Commercial/Multifamily News
MBA News
MAA Steering Committee Elections Underway; Deadline Dec. 16
The Mortgage Action Alliance, the grassroots advocacy arm of the Mortgage Bankers Association, has opened the voting period for election of three at-large seats on its 2017 Steering Committee through Friday, Dec. 16.
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MBA Education Introduction to E-Mortgages Webinar Series Begins Jan. 10
MBA Education presents a new webinar series, Introduction to E-Mortgage, on Tuesday, January 10 from 12:30-2:00 p.m. ET.
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